Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,260/mo
Lowest payment- Down payment
- $222,741
- Funds due
- $233,439
- Interest + MI left
- $83,355
- First ends
- Nov 2050
Assumption
Assumption + second
$2,610/mo
+$1,350/mo- Down payment
- $38,741
- Funds due
- $50,729
- Interest + MI left
- $385,400
- First ends
- Nov 2050
New loan
New conventional
$2,801/mo
+$1,541/mo- Down payment
- $38,741
- Funds due
- $47,308
- Interest + MI left
- $517,322
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $157,159 | $157,159 | $341,159 |
| Second mortgage | — | $184,000 | — |
| First P&I | $760.50 | $760.50 | $2,362.12 |
| Second P&I | — | $1,350.13 | — |
| Mortgage insurance | $128.92 | $128.92 | $68.23 |
| Taxes, insurance & HOA | $370.42 | $370.42 | $370.42 |
| Total housing payment | $1,259.84 | $2,609.96 | $2,800.76 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$38,741
Closing costs & prepaids$11,988
Usable credit−$0
Total buyer cash needed$50,729
Earnest money paid−$0
Remaining funds due$50,729
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$3,799.00
Title & settlement$1,825.00
Recording fee$100.00
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$661.25
Prepaid interest, first (1 days)$12.62
Prepaid interest, second (1 days)$40.33
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yrOf the original 30-year loan at 2.930%
Interest already paid$29,907Through Nov 2026
Assumption only · ends Nov 2050$83,355
Assumption + second · ends Nov 2050, second Dec 2056$385,400
New conventional · ends Dec 2056$517,322